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BTP and OAT lead gains

BONDS
  • BTP and OAT futures are still leading to the upside, Italian 10yr Yield has made a brief new 2023 low.
  • OAT is still short of 2.53% (March low) comes at 131.85, but the underperformance in Bund keeps spreads tighter.
  • BTP/Bund is through the December low, and further tightening momentum opens to the Psychological 160.00bps, followed by 158.72bps, the July low.
  • OAT/Bund is through 51.91bps area, last week's low, and investors will look at 50.00bps next.

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